Mortgage Marketing 101: How to Market to Millennials in 2023

by Tomi Pironti

Millennials now makeup 43% of homebuyers. Data from the National Association of Realtors (NAR) reveals that these young shoppers are often buying their first home. Is your mortgage marketing strategy optimized to reach millennials? If you’re not sure where to start, then keep reading. The following strategies can help you tap into this growing market.

mortgage marketing

Know Your Audience

Understanding your target audience can help you adapt your mortgage marketing strategy. So what should you know about millennials?

Millennials consist of those born between 1981 and 1996, though the exact years can be a bit fluid. The 2019 census identified 72.1 million millennials living in the United States. The 2022 NAR survey found that millennials represent 43% of homebuyers, and a quarter of this group are older millennials (ages 32 to 41).

Younger millennials are more likely to be first-time buyers. But millennials are concerned about the affordability of home ownership. As such, your mortgage marketing efforts should focus on education and guidance.

Create a Compelling Story

Why should millennials choose your mortgage company? What makes you stand out from the competition? Your mortgage marketing content should create a story that answers these questions and helps millennials see the value of your brokerage services.

Many millennials assume home ownership is out of reach due to limited inventory and rising interest rates. Your unique branding can help them see things differently.

Emphasize the possibilities that you provide to millennial home buyers. This will encourage them to make home ownership a greater priority and may prompt them to turn to your company for assistance.

Use SEO to Get Noticed

For millennials, the home shopping journey starts with a Google search. And with so many competitors, you’ll need to find ways to increase the visibility of your website.

Search engine optimization (SEO) refers to a set of practices that help your web content rise to the top of search engine results pages.

The easiest way to do this is to sprinkle relevant keywords throughout your website. For example, you might include things like: “first-time buyer programs” or “mortgage brokers near me.” When a web user searches for these terms, your website will be more likely to appear in the search results.

mobile friendly

Make Sure Your Website is Mobile-Friendly

Millennials are natives of the digital universe, but that doesn’t guarantee they’re shopping from a desktop computer. More than half of millennials surf the web by scrolling and swiping on their cell phones and tablets.

Make sure that your website uses responsive design. This means that your website looks great on any device. Mobile users should be able to navigate your content with ease. Otherwise, they will quickly abandon your site to search for a competitor.

A good mortgage CRM (customer relationship management) platform can streamline your web development. This also ensures that your website is clean and responsive, helping younger visitors access the content they need.

Stay Active on Social Media

According to data from PR Newswire, young adults discover new brands while scrolling through social media. If you want to reach millennials, it’s important to cultivate your social media presence.

Unfortunately, it’s easy to create a business page and then neglect it for weeks (or months) at a time. A mortgage CRM platform can provide you with templates and curated content that give you material to post on your social media feeds.

It also helps to find the right channel. Facebook offers a broad approach, but Instagram is especially popular among millennials. Staying active on sites preferred by young adults can help you increase your visibility.

Grab Their Attention

With so many companies competing for attention on social media, you’ll need content that stands out.

For example, posts with images generate more engagements than those without. But most millennials would prefer a video over a blog post. Creating video content can be an easy, direct way to convey information about your brokerage services. Most social media platforms allow you to create video ads that users can click on without leaving the platform.

Posting survey questions can also encourage interaction on your social media page. Just make sure to respond quickly to comments, which can help you engage your target market more directly.

Seek to Educate, Not Promote

Many millennials are first-time buyers. As such, they may lack familiarity with the lending process. Your mortgage marketing content should educate them on their available options and give them an idea of what to expect.

Nowadays, millennials are wary of the traditional sales pitch. As much as possible, focus on providing valuable content that offers objective data. Avoid trying to sell your services too early, which can apply unwanted pressure and drive customers away.

Similarly, avoid using a lot of slang or trendy jargon when talking to millennials. It gives your content a short shelf life, and it can come across as unnatural from a company in such a serious industry.

Rely on Testimonials

The most authentic mortgage marketing content comes from your other customers. Incorporate customer reviews and testimonials into your website or social media pages. This will highlight the value of your company, as well as give prospective customers an idea of what to expect.

For best results, gather testimonials from millennial home buyers. Customers may connect more readily to their own generation. Reviews or even videos of satisfied clients can give your business greater credibility in the eyes of millennial shoppers.

Here is yet another way a mortgage CRM system can help. The right mortgage CRM can be used to request customer reviews and organize them for later use. The best platforms even allow you to screen and respond to negative reviews, allowing you to resolve the issue before the review goes public.

referral marketing

Prioritize Relationships Over Results

You might remember the ABCs of sales: Always Be Closing. But when you interact with millennials, the key is to build relationships rather than seal the deal.

Sure, your long-term goal is to sell a mortgage product. But in the short term, it’s important to present yourself as a partner who can walk with your clients through the process. For example, you might follow up with millennial leads by asking if they have additional questions. This keeps the dialogue going and anchors you as a resource rather than a salesman.

This can be particularly important for millennials. Many young adults live far away from home and may miss the guidance they once received from their parents. Offering stable, reliable input can foster a stronger connection and provide a foundation for a working relationship.

Emphasize First-Time Buyer Programs

Since so many millennials are first-time buyers, it makes sense to emphasize relevant options. For example, you might produce content such as “tips for first-time buyers.” This sort of content can educate as well as point toward the unique value of your company.

While the web is a great place to publish solid content, do not underestimate the possibilities of in-person events. Offering a seminar on first-time mortgage options can give you an audience of interested millennials in your area. You can gather information from attendees, enter them into your customer pipeline, and follow up later.

Offer a Do-It-Yourself Approach

Millennials do everything online. This includes job hunting, dating, and banking. Why should the mortgage process be any different?

A quality mortgage CRM can provide a customer portal that millennials can use to complete forms, ask questions, and more. This minimizes the need to come to your office to complete each phase of the process.

Advertising the ease of this customer portal may attract millennials who are used to this sort of do-it-yourself approach. Some millennials will be willing to choose your company over others due to the simplicity of your interface.

community

Invest in Your Community

Millennials are more willing to invest in a company that shares their values. Mortgage brokers can connect to younger generations by remaining active in their local community. Participating in charity drives, service projects, or other community events can demonstrate that your values run deeper than the mortgage industry alone.

If you’re not sure where to start, you might consider collaborating with other industry professionals in your area. Even a simple neighborhood cleanup day can speak volumes about your priorities.

At the very least, a mortgage CRM system allows you to go paperless. This is just a small way to go green, which can help you connect with millennials who have a passion for the environment.

Mortgage Marketing Made Simple

As a mortgage broker, you have a lot on your plate. That’s why you need a customer relationship management platform that works for you. The right mortgage CRM can help you create and implement a marketing plan that speaks to millennials.

The BNTouch platform can do just that. Using our innovative tools and features, you can create customized content, manage your social channels, and do much more. To learn more about how we can transform your lending practice, contact BNTouch today to request a demo.

 

To learn more or schedule a demo, contact BNTouch today.

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Tomi Pironti
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